Bitcoin, ether slide on rising Treasury yields

Bitcoin and Ethereum have extended their declines from Friday’s drop in Monday morning trading, though recovering a bit from an even deeper slump seen earlier in the session.

The bearish price action also came as U.S. Treasury yields rose slightly across the curve, with the 10-year (US10Y) up three basis points to 3.01% and the two-year (US2Y) up four bps to 3.31%. Keep in mind that a so-called yield curve inversion, which historically precedes a recession, occurs when short-duration benchmarks yield more than longer-dated ones. The eurodollar futures curve is also inverting and has been since March, a sign that issues in the monetary system are taking hold globally.

Over the past 24 hours, bitcoin dropped 0.4% to $21.33K, up from an intraday low of $20.96K, while Ethereum (ETH-USD) slid 2.4% to $1.58K at 11:45 a.m. ET, up from a session low of $1.53K.

Over the past 24 hours, bitcoin (BTC-USD) dipped 0.4% to $21.33K, up from an intraday low of $20.96K, while ethereum (ETH-USD) slid 2.4% to $1.58K at 11:45 a.m. ET, up from a session low of $1.53K.

Some observers think that the significant sell off on Friday was caused by Celsius Network, who are bankrupt, receiving approval to sell mined Bitcoin to cover their operations.